Barking Riverside Limited.

Descriptions

The Greater London Authority (‘GLA’) is publishing this notice on behalf of itself, GLA Land and Property Limited (‘GLAP’), Barking Riverside Limited (‘BRL’) and London & Quadrant New Homes Limited (‘LQNH’).In 2004 the GLA's statutory predecessor, the Urban Regeneration Agency known as English Partnerships, established a 49/51 % joint venture company with Bellway Homes Limited (‘Bellway’). The company is named Barking Riverside Limited. The Homes and Communities Agency initially succeeded English Partnerships, followed by the GLA pursuant to statutory transfer.The GLA holds its interest in BRL through its commercial subsidiary, Greater London Authority Holdings Limited which in turn 100 % owns GLAP, which then owns the shares in BRL.BRL is a wholly private sector company with the commercial objective to develop for a profit the area known as Barking Riverside (then Barking Reach) for new homes, businesses, public spaces and infrastructure (the ‘Site’).As part of the joint venture agreement and in return for a transfer of land by Bellway, Bellway was granted an option by BRL to purchase 50 % of the cleared and remediated Site for the development of new homes by Bellway.This notice is to notify the market that Bellway intends to sell its share interest in BRL to LQNH and its land option to London and Quadrant Housing Trust (‘L&Q’) and shall no longer administer the business going forward.Bellway shall however purchase a new option from BRL to purchase 25 % of the Site for the development of new homes on similar terms as the option being sold to L&Q.LQNH shall replace Bellway as the second shareholder in BRL and shall take over the day to day administration of the business under the current management services agreement. L&Q is acquiring from Bellway the original option over 50 % of the Site (including the existing obligations as to development).GLAP has approved of the above transactions in its capacity as a shareholder in BRL and as a consequence of such approval, the documents that GLAP will enter into are:1. Deed of Novation of the shareholder agreement from Bellway to LQNH (to which L&Q will also be a party).2. Deed of Variation to the shareholder agreement between GLAP and LQNH.BRL shall enter into:1. Deed of Novation of the management services agreement from Bellway to LQNH;2. Deed of Variation to the management services agreement between LQNH and BRL;3. New option agreement for the sale of land to Bellway;4. Exclusivity Agreement with L&Q in relation to Affordable Housing;5. Deed of Variation to the shareholder agreement between GLAP and LQNH (as above);6. Legal Charge in favour of Bellway to protect its option.